Looking Partnership ideas

9 Replies

@Herbert Sykes

If you want to find a partner you will need to bring something to the table and find someone who needs what you have to offer.  If you are brand new with no cash and no experience you will have to find a great deal and pass it on to a potential partner.  You can negotiate a share of the profits or maybe just a finders fee, but chances are what you will gain from a deal like this is the opportunity to work alongside a seasoned investor and learn the ropes.

That's hard to answer without knowing more about what you want to do in RE. Flips? Buy-and-holds? Wholesaling? Note investing? 

@Tamara Deering

Yeah I’m new at this real estate investing I’m concentrating more on fixing flips. I lack finances and experience I don’t want to wholesale because it’s not right to tell a story too a homeowner knowing. I don’t have any tension on buying their house. I want to be that guy to buy it out right or even come with a loan to buy it from them. I’m trying to find people who do fix and flip in my area to ask questions hopefully understand what I need to do to get their?

@Herbert Sykes After seeing feedback from others and your responses on this post, here are my thoughts:

There's 3 things you need to do--First, find a local meetup. Look here on BP or on meetup.com. I only attend meetups that are pure networking. No gurus trying to sell a $10k mastermind course or a bunch of wholesalers trying to peddle deals. Nothing that costs money to attend (unless it's like $1 to $5 to cover the meetup.com fees; it's not free or inexpensive to post your own events on there). You want a place where folks of all experience levels are coming together to mingle. Hopefully your area doesn't have one and you can start one. This is going to earn you a reputation as a connector, and you can build some solid relationships with others that could potentially turn into partnerships as you meet experienced investors and learn about their businesses and their needs. Once you know their needs, you can figure out how your skill set can add value to them. I've attended one for a year, and now I'm using my experience with that group to start one in another town next month.

Second, you need to treat BP like a college course. Read a blog post each day. Spend 15 minutes a day interacting with others on the forums. Listen to a podcast each day. Practice searching for and analyzing at least 1 deal per day. Read all the books published by BP, and when you've finished them all, start reading books mentioned on the BP podcast: 

https://www.biggerpockets.com/forums/79/topics/388292-list-of-all-books-mentioned-on-biggerpocketscom-podcast?page=1

This will help you learn terminology and allow you to ask intelligent questions when interacting with experienced investors. And that will help people trust you regardless of your lack of experience. 

Third, start saving. Having no money in the bank will make it harder to find a partner. You don't necessarily have to use that money to invest, but having it there shows you're responsible with your finances. Remember, you're asking someone to trust you with large sums of their own hard earned money. If you can't show you're responsible with your own money, how can they trust you to be responsible with theirs? 

Good luck!

What @Nicole Heasley said times 100!

Also, tell EVERYone what you are wanting to do. You never know who knows someone that might be beneficial to you. An example might be a co-worker talked to a relative at Thanksgiving dinner who is a house flipper short of time and they could use some help, and you could learn the ropes.

Good Luck, Dan Dietz

I highly recommend going to Meet-Ups and networking events in your city.  Even if you have to drive to larger cities to attend networking events, it's the best way to build real relationships.  If you're looking to do fix-and-flips, start making friends with all the wholesalers in your city.  You said there's a lot of them so that's great.  Also, I would meet as many contractors as possible.  If you can find a great deal and a trustworthy contractor, you're on your way:)

You need to continually tell people what you do and maybe bring to a table a particular deal you’re looking to buy and showing the numbers in a logical manner. Just showing people an example of what you’re looking to do will help them visualize and possibly get them to open their pocketbook in the future. Networking is key such as meet ups, real estate investment club meetings, real estate conventions and the like.  Also getting some experience helps people to know that you’re serious about this business.